Sei Network’s token, SEI, has shown a robust 62% increase, reflecting strong bullish momentum.
Crypto analyst Patric H. highlighted the breakout in a tweet, pointing out the token’s movement within an ascending channel and its approach to key Fibonacci levels. The analyst also expressed optimism that SEI could emulate the performance of$SUI, suggesting further potential for growth.
What you'll learn 👉
SEI’s Ascending Channel and Price Breakout
The SEI chart reveals an ascending channel marked by consistent higher highs and higher lows. This channel has provided a clear framework for the token’s bullish trajectory.
Lately, SEI broke out above the channel, reaching the 0.5 Fibonacci retracement level at $0.6740, indicating strong buying interest. However, the price has returned within the channel boundaries, now trading near $0.6279, slightly below the resistance level.
Patric H. mentioned that a retest of the channel could present a strategic entry point for traders. If the price holds at the lower boundary, it may confirm continued upward momentum.
Key support zones include the 0.382 Fibonacci level at $0.5627 and the channel’s lower boundary. At publication, SEI trades at $0.6293 with a 24% increase over the week.
SEI’s Next Potential Targets
Fibonacci retracement levels play a critical role in identifying potential support and resistance zones. The 0.5 level at $0.6740 has acted as a resistance point, where the token is currently consolidating. Should SEI surpass this level, the next targets could be $0.7953 (0.618 Fibonacci level) and $0.9437 (0.786 Fibonacci level).
A full retracement to the 1 Fibonacci level at $1.1455 remains a long-term possibility if the bullish trend persists. On the downside, failure to hold above $0.5627 could lead to a revisit of the channel’s lower boundary, which has previously acted as strong support.
Read also: Bitcoin Whales Accumulate Despite BTC Price Retrace Below $95K
Analyst’s Insights and Comparison to SUI
Patric H.’s tweet draws attention to SEI’s upward movement and compares it to $SUI, hinting at similar growth potential. He noted the breakout to the 0.5 Fibonacci level and suggested a possible consolidation phase of 1–3 days before the next leg up.
The analyst emphasized the importance of observing a retest of the channel’s lower boundary for traders seeking to capitalize on the trend. His confidence in SEI’s trajectory aligns with the visible bullish patterns on the chart.
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